Agency Information Collection Requirements: Information Collection Renewal; Submission for OMB Review; Debt Cancellation Contracts and Debt Suspension Agreements, 22298-22300 [2021-08679]

Download as PDF jbell on DSKJLSW7X2PROD with NOTICES 22298 Federal Register / Vol. 86, No. 79 / Tuesday, April 27, 2021 / Notices • 49 CFR 231.14, Passenger-train cars without end platforms; • 49 CFR 238.115, Emergency lighting; 238.121, Emergency communication; 238.223, Locomotive fuel tanks; 238.305, Interior calendar day mechanical inspection of passenger cars; 238.309, Periodic brake equipment maintenance; and Appendix D, Requirements for External Fuel Tanks on Tier I Locomotives; and • 49 CFR 239.101, Emergency preparedness plan. DCTA requests this extension of relief to continue operation of its Stadler diesel multiple-unit vehicles, which were constructed to meet European safety standards for crashworthiness and related safety measures. A copy of the petition, as well as any written communications concerning the petition, is available for review online at www.regulations.gov. Interested parties are invited to participate in these proceedings by submitting written views, data, or comments. FRA does not anticipate scheduling a public hearing in connection with these proceedings since the facts do not appear to warrant a hearing. If any interested party desires an opportunity for oral comment and a public hearing, they should notify FRA, in writing, before the end of the comment period and specify the basis for their request. All communications concerning these proceedings should identify the appropriate docket number and may be submitted by any of the following methods: • Website: https:// www.regulations.gov. Follow the online instructions for submitting comments. • Fax: 202–493–2251. • Mail: Docket Operations Facility, U.S. Department of Transportation (DOT), 1200 New Jersey Ave. SE, W12– 140, Washington, DC 20590. Communications received by June 11, 2021 will be considered by FRA before final action is taken. Comments received after that date will be considered if practicable. Anyone can search the electronic form of any written communications and comments received into any of our dockets by the name of the individual submitting the comment (or signing the document, if submitted on behalf of an association, business, labor union, etc.). Under 5 U.S.C. 553(c), DOT solicits comments from the public to better inform its processes. DOT posts these comments, without edit, including any personal information the commenter provides, to www.regulations.gov, as described in the system of records notice (DOT/ALL–14 FDMS), which can VerDate Sep<11>2014 18:52 Apr 26, 2021 Jkt 253001 be reviewed at https:// www.transportation.gov/privacy. See also https://www.regulations.gov/ privacy-notice for the privacy notice of regulations.gov. Issued in Washington, DC. John Karl Alexy, Associate Administrator for Railroad Safety, Chief Safety Officer. [FR Doc. 2021–08735 Filed 4–26–21; 8:45 am] BILLING CODE 4910–06–P DEPARTMENT OF TRANSPORTATION Federal Railroad Administration [Docket Number FRA–2021–0042] Petition for Waiver of Compliance Under part 211 of title 49 Code of Federal Regulations (CFR), this document provides the public notice that on April 1, 2021, Union Pacific Railroad Company (UPRR) petitioned the Federal Railroad Administration (FRA) for a waiver of compliance from certain provisions of the Federal railroad safety regulations contained at 49 CFR part 232, Brake System Safety Standards for Freight and Other NonPassenger Trains and Equipment; Endof-Train Devices. FRA assigned the petition Docket Number FRA–2021– 0042. Specifically, UPRR requests relief from 49 CFR 232.203, Training requirements, to allow its Class I Brake Test Simulation proficiency demonstration as a method to satisfy the required ‘‘hands-on’’ training component of periodic refresher training. UPRR states that its blended brake system training curriculum exceeds the training objectives of the regulation and is designed to increase user proficiency. A copy of the petition, as well as any written communications concerning the petition, is available for review online at www.regulations.gov. Interested parties are invited to participate in these proceedings by submitting written views, data, or comments. FRA does not anticipate scheduling a public hearing in connection with these proceedings since the facts do not appear to warrant a hearing. If any interested party desires an opportunity for oral comment and a public hearing, they should notify FRA, in writing, before the end of the comment period and specify the basis for their request. All communications concerning these proceedings should identify the appropriate docket number and may be submitted by any of the following methods: PO 00000 Frm 00169 Fmt 4703 Sfmt 4703 • Website: https:// www.regulations.gov. Follow the online instructions for submitting comments. • Fax: 202–493–2251. • Mail: Docket Operations Facility, U.S. Department of Transportation (DOT), 1200 New Jersey Ave. SE, W12– 140, Washington, DC 20590. Communications received by June 11, 2021 will be considered by FRA before final action is taken. Comments received after that date will be considered if practicable. Anyone can search the electronic form of any written communications and comments received into any of our dockets by the name of the individual submitting the comment (or signing the document, if submitted on behalf of an association, business, labor union, etc.). Under 5 U.S.C. 553(c), DOT solicits comments from the public to better inform its processes. DOT posts these comments, without edit, including any personal information the commenter provides, to www.regulations.gov, as described in the system of records notice (DOT/ALL–14 FDMS), which can be reviewed at https:// www.transportation.gov/privacy. See also https://www.regulations.gov/ privacy-notice for the privacy notice of regulations.gov. Issued in Washington, DC. John Karl Alexy, Associate Administrator for Railroad Safety Chief Safety Officer. [FR Doc. 2021–08737 Filed 4–26–21; 8:45 am] BILLING CODE 4910–06–P DEPARTMENT OF THE TREASURY Office of the Comptroller of the Currency Agency Information Collection Requirements: Information Collection Renewal; Submission for OMB Review; Debt Cancellation Contracts and Debt Suspension Agreements Office of the Comptroller of the Currency (OCC), Treasury. ACTION: Notice and request for comment. AGENCY: The OCC, as part of its continuing effort to reduce paperwork and respondent burden, invites the general public and other Federal agencies to take this opportunity to comment on a continuing information collection as required by the Paperwork Reduction Act of 1995 (PRA). In accordance with the requirements of the PRA, the OCC may not conduct or sponsor, and the respondent is not required to respond to, an information collection unless it displays a currently SUMMARY: E:\FR\FM\27APN1.SGM 27APN1 jbell on DSKJLSW7X2PROD with NOTICES Federal Register / Vol. 86, No. 79 / Tuesday, April 27, 2021 / Notices valid Office of Management and Budget (OMB) control number. Currently, the OCC is soliciting comment concerning the renewal of an information collection titled ‘‘Debt Cancellation Contracts and Debt Suspension Agreements.’’ The OCC also is giving notice that it has submitted the collection to OMB for review. DATES: You should submit written comments by: May 27, 2021. ADDRESSES: Commenters are encouraged to submit comments by email, if possible. You may submit comments by any of the following methods: • Email: prainfo@occ.treas.gov. • Mail: Chief Counsel’s Office, Attention: Comment Processing, 1557– 0224, Office of the Comptroller of the Currency, 400 7th Street SW, Suite 3E– 218, Washington, DC 20219. • Hand Delivery/Courier: 400 7th Street SW, Suite 3E–218, Washington, DC 20219. • Fax: (571) 465–4326. Instructions: You must include ‘‘OCC’’ as the agency name and ‘‘1557– 0224’’ in your comment. In general, the OCC will publish comments on www.reginfo.gov without change, including any business or personal information provided, such as name and address information, email addresses, or phone numbers. Comments received, including attachments and other supporting materials, are part of the public record and subject to public disclosure. Do not include any information in your comment or supporting materials that you consider confidential or inappropriate for public disclosure. Written comments and recommendations for the proposed information collection should be sent within 30 days of publication of this notice to www.reginfo.gov/public/do/ PRAMain. Find this particular information collection by selecting ‘‘Currently under 30-day Review—Open for Public Comments’’ or by using the search function. You may review comments and other related materials that pertain to this information collection 1 following the close of the 30-day comment period for this notice by the following method: • Viewing Comments Electronically: Go to www.reginfo.gov. Click on the ‘‘Information Collection Review’’ tab. Underneath the ‘‘Currently under Review’’ section heading, from the dropdown menu select ‘‘Department of Treasury’’ and then click ‘‘submit.’’ This information collection can be located by 1 On February 27, 2021, the OCC published a 60day notice for this information collection, 86 FR 9994. VerDate Sep<11>2014 18:52 Apr 26, 2021 Jkt 253001 searching by OMB control number ‘‘1557–0224’’ or ‘‘Debt Cancellation Contracts and Debt Suspension Agreements.’’ Upon finding the appropriate information collection, click on the related ‘‘ICR Reference Number.’’ On the next screen, select ‘‘View Supporting Statement and Other Documents’’ and then click on the link to any comment listed at the bottom of the screen. • For assistance in navigating www.reginfo.gov, please contact the Regulatory Information Service Center at (202) 482–7340. FOR FURTHER INFORMATION CONTACT: Shaquita Merritt, OCC Clearance Officer, (202) 649–5490, Legislative and Regulatory Activities Division, Office of the Comptroller of the Currency, 400 7th Street SW, Suite 3E–218, Washington, DC 20219. SUPPLEMENTARY INFORMATION: Under the PRA (44 U.S.C. 3501–3520), Federal agencies must obtain approval from OMB for each collection of information they conduct or sponsor. ‘‘Collection of information’’ is defined in 44 U.S.C. 3502(3) and 5 CFR 1320.3(c) to include agency requests or requirements that members of the public submit reports, keep records, or provide information to a third party. The OCC asks that OMB extend its approval of the collection of information described in this notice. Title: Debt Cancellation Contracts and Debt Suspension Agreements. OMB Control No.: 1557–0224. Description: Twelve U.S.C. 24(Seventh) authorizes a national bank (bank) to enter into Debt Cancellation Contracts (DCCs) and Debt Suspension Agreements (DSAs). 12 CFR part 37 requires banks to disclose information about a DCC or DSA using either a short or long form disclosure. The short form disclosure usually is made orally and issued at the time a bank first solicits the purchase of a contract. The long form disclosure usually is made in writing and issued before the customer completes the purchase of the contract. There are special rules for transactions by telephone, solicitations using written mail inserts or ‘‘take one’’ applications, and electronic transactions. Part 37 provides two model forms of disclosure for satisfying the requirements of the rule. Use of the forms is not mandatory, and the regulation permits a bank to adjust the form and wording of its disclosures so long as it meets the applicable requirements. The requirements of part 37 enhance consumer protections for customers who purchase DCCs and DSAs from banks and ensure that banks offer these products in a safe and sound manner by PO 00000 Frm 00170 Fmt 4703 Sfmt 4703 22299 requiring them to effectively manage their risk exposure. Section 37.6 Section 37.6 requires the disclosures to be readily understandable and meaningful. The content of the short and long form may vary, depending on whether a bank elects to provide a summary of the conditions and exclusions in the long form disclosures or refer the customer to the pertinent paragraphs in the contract. For example, the short form disclosure requires a bank to instruct the customer to read carefully both the long form disclosures and the contract for a full explanation of the contract terms, while the long form gives a bank the option of either: (i) Summarizing the limitations; or (ii) advising the customer that a complete explanation of the eligibility requirements, conditions, and exclusions is available in the contract and identifying the paragraphs where the customer may find that information. Section 37.6 and appendices A and B to part 37 require a bank to provide the following disclosures (summarized below), as appropriate: • Anti-tying (short and long form)—A bank must inform the customer that purchase of the product is optional and that neither the bank’s decision whether to approve the loan nor the terms and conditions of the loan are conditioned on the purchase of a DCC or DSA. • Explanation of debt suspension agreement (long form)—A bank must disclose that if a customer activates the agreement, the customer’s duty to pay the loan principal and interest is only suspended and the customer must fully repay the loan after the period of suspension has expired. • Amount of the fee (long form)—A bank must make disclosures regarding the amount of the fee. The content of the disclosure depends on whether the credit is open-end or closed-end. In the case of closed-end credit, the bank must disclose the total fee. In the case of open-end credit, the bank must either: (i) Disclose that the periodic fee is based on the account balance multiplied by a unit cost and provide the unit cost; or (ii) disclose the formula used to compute the fee. • Lump sum payment of fee (short and long form)—A bank must disclose, where appropriate, that a customer has the option to pay the fee in a single payment or in periodic payments and that adding the fee to the amount borrowed will increase the cost of the contract. This disclosure is not appropriate in the case of a DCC or DSA provided in connection with a home mortgage loan where the option to pay E:\FR\FM\27APN1.SGM 27APN1 22300 Federal Register / Vol. 86, No. 79 / Tuesday, April 27, 2021 / Notices jbell on DSKJLSW7X2PROD with NOTICES the fee in a single payment is not available. • Lump sum payment of fee with no refund (short and long form)—A bank must disclose that the customer has the option to choose a contract with or without a refund provision. This disclosure must also state that the prices of refund and no-refund products are likely to differ. • Refund of fee paid in lump sum (short and long form)—If a bank permits a customer to pay the fee in a single payment and add the fee to the amount borrowed, the bank must disclose its cancellation policy. The disclosure informs the customer of the bank’s refund policy, as applicable, i.e., that the DCC or DSA may be: (i) Cancelled at any time for a refund; (ii) cancelled within a specified number of days for a full refund; or (iii) cancelled at any time with no refund. • Whether use of a card or credit line is restricted (long form)—A bank must inform a customer if the customer’s activation of the contract would prohibit the customer from incurring additional charges on the credit card or using the credit line. • Termination of a DCC or DSA (long form)—If termination is permitted during the life of the loan, a bank must include an explanation of the circumstances under which a customer or the bank may terminate the contract. • Additional disclosures (short form)—A bank must inform customers that it will provide additional information before the customer is required to pay for the product. • Eligibility requirements, conditions, and exclusions (short and long form)— A bank must describe any material limitations relating to the DCC or DSA. Section 37.7 Section 37.7 requires a bank to obtain a customer’s written affirmative election to purchase a contract and written acknowledgment of receipt of the disclosures required by § 37.6. The section further provides that the election and acknowledgment must be conspicuous, simple, direct, readily understandable, and designed to call attention to their significance. Pursuant to § 37.7(b), if the sale of the contract occurs by telephone, the customer’s affirmative election to purchase and acknowledgment of receipt of the required short form may be made orally, provided the bank: (i) Maintains sufficient documentation to show that the customer received the short form disclosures and then affirmatively elected to purchase the contract; (ii) mails the affirmative written election and written acknowledgment, together VerDate Sep<11>2014 18:52 Apr 26, 2021 Jkt 253001 with the long form disclosures required by § 37.6, to the customer within 3 business days after the telephone solicitation and maintains sufficient documentation to show it made reasonable efforts to obtain the documents from the customer; and (iii) permits the customer to cancel the purchase of the contract without penalty within 30 days after the bank has mailed the long form disclosures to the customer. Pursuant to § 37.7(c), if the DCC or DSA is solicited through written materials such as mail inserts or ‘‘take one’’ applications and the bank provides only the short form disclosures in the written materials, then the bank shall mail the acknowledgment, together with the long form disclosures, to the customer. The bank may not obligate the customer to pay for the contract until after the bank has received the customer’s written acknowledgment of receipt of disclosures, unless the bank takes certain steps, maintains certain documentation, and permits the customer to cancel the purchase within 30 days after mailing the long form disclosures to the customer. Section 37.7(d) permits the customer’s affirmative election and acknowledgment to be made electronically. Type of Review: Regular. Affected Public: Businesses or other for-profit. Number of Respondents: 1,098. Total Annual Burden Hours: 26,352 hours. The OCC published a notice for 60 days of comment concerning this collection, 86 FR 9994. No comments were received. Comments continue to be invited on: (a) Whether the collection of information is necessary for the proper performance of the functions of the OCC, including whether the information shall have practical utility; (b) The accuracy of the OCC’s estimate of the burden of the collection of information; (c) Ways to enhance the quality, utility, and clarity of the information to be collected; (d) Ways to minimize the burden of the collection on respondents, including through the use of automated collection techniques or other forms of information technology; and (e) Estimates of capital or start-up costs and costs of operation, PO 00000 Frm 00171 Fmt 4703 Sfmt 4703 maintenance, and purchase of services to provide information. Theodore J. Dowd, Deputy Chief Counsel, Office of the Comptroller of the Currency. [FR Doc. 2021–08679 Filed 4–26–21; 8:45 am] BILLING CODE 4810–33–P DEPARTMENT OF THE TREASURY Internal Revenue Service Credit for Renewable Electricity Production, Refined Coal Production, and Indian Coal Production, and Publication of Inflation Adjustment Factors and Reference Prices for Calendar Year 2021 Internal Revenue Service (IRS), Treasury. ACTION: Notice of publication. AGENCY: The 2021 inflation adjustment factors and reference prices are used in determining the availability of the credit for renewable electricity production, refined coal production, and Indian coal production under section 45. FOR FURTHER INFORMATION CONTACT: Charles Hyde, CC:PSI:6, Internal Revenue Service, 1111 Constitution Avenue NW, Washington, DC 20224, (202) 317–6853 (not a toll-free number). SUPPLEMENTARY INFORMATION: The 2021 inflation adjustment factors and reference prices apply to calendar year 2021 sales of kilowatt hours of electricity produced in the United States or a possession thereof from qualified energy resources, and to 2021 sales of refined coal and Indian coal produced in the United States or a possession thereof. Inflation Adjustment Factors: The inflation adjustment factor for calendar year 2021 for qualified energy resources and refined coal is 1.6878. The inflation adjustment factor for calendar year 2021 for Indian coal is 1.2998. Reference Prices: The reference price for calendar year 2021 for facilities producing electricity from wind is 3.59 cents per kilowatt hour. The reference prices for fuel used as feedstock within the meaning of section 45(c)(7)(A) (relating to refined coal production) are $31.90 per ton for calendar year 2002 and $45.64 per ton for calendar year 2021. The reference prices for facilities producing electricity from closed-loop biomass, open-loop biomass, geothermal energy, municipal solid waste, qualified hydropower production, and marine and hydrokinetic renewable energy have not been determined for calendar year 2021. SUMMARY: E:\FR\FM\27APN1.SGM 27APN1

Agencies

[Federal Register Volume 86, Number 79 (Tuesday, April 27, 2021)]
[Notices]
[Pages 22298-22300]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2021-08679]


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DEPARTMENT OF THE TREASURY

Office of the Comptroller of the Currency


Agency Information Collection Requirements: Information 
Collection Renewal; Submission for OMB Review; Debt Cancellation 
Contracts and Debt Suspension Agreements

AGENCY: Office of the Comptroller of the Currency (OCC), Treasury.

ACTION: Notice and request for comment.

-----------------------------------------------------------------------

SUMMARY: The OCC, as part of its continuing effort to reduce paperwork 
and respondent burden, invites the general public and other Federal 
agencies to take this opportunity to comment on a continuing 
information collection as required by the Paperwork Reduction Act of 
1995 (PRA).
    In accordance with the requirements of the PRA, the OCC may not 
conduct or sponsor, and the respondent is not required to respond to, 
an information collection unless it displays a currently

[[Page 22299]]

valid Office of Management and Budget (OMB) control number.
    Currently, the OCC is soliciting comment concerning the renewal of 
an information collection titled ``Debt Cancellation Contracts and Debt 
Suspension Agreements.'' The OCC also is giving notice that it has 
submitted the collection to OMB for review.

DATES: You should submit written comments by: May 27, 2021.

ADDRESSES: Commenters are encouraged to submit comments by email, if 
possible. You may submit comments by any of the following methods:
     Email: [email protected].
     Mail: Chief Counsel's Office, Attention: Comment 
Processing, 1557-0224, Office of the Comptroller of the Currency, 400 
7th Street SW, Suite 3E-218, Washington, DC 20219.
     Hand Delivery/Courier: 400 7th Street SW, Suite 3E-218, 
Washington, DC 20219.
     Fax: (571) 465-4326.
    Instructions: You must include ``OCC'' as the agency name and 
``1557-0224'' in your comment. In general, the OCC will publish 
comments on www.reginfo.gov without change, including any business or 
personal information provided, such as name and address information, 
email addresses, or phone numbers. Comments received, including 
attachments and other supporting materials, are part of the public 
record and subject to public disclosure. Do not include any information 
in your comment or supporting materials that you consider confidential 
or inappropriate for public disclosure.
    Written comments and recommendations for the proposed information 
collection should be sent within 30 days of publication of this notice 
to www.reginfo.gov/public/do/PRAMain. Find this particular information 
collection by selecting ``Currently under 30-day Review--Open for 
Public Comments'' or by using the search function.
    You may review comments and other related materials that pertain to 
this information collection \1\ following the close of the 30-day 
comment period for this notice by the following method:
---------------------------------------------------------------------------

    \1\ On February 27, 2021, the OCC published a 60-day notice for 
this information collection, 86 FR 9994.
---------------------------------------------------------------------------

     Viewing Comments Electronically: Go to www.reginfo.gov. 
Click on the ``Information Collection Review'' tab. Underneath the 
``Currently under Review'' section heading, from the drop-down menu 
select ``Department of Treasury'' and then click ``submit.'' This 
information collection can be located by searching by OMB control 
number ``1557-0224'' or ``Debt Cancellation Contracts and Debt 
Suspension Agreements.'' Upon finding the appropriate information 
collection, click on the related ``ICR Reference Number.'' On the next 
screen, select ``View Supporting Statement and Other Documents'' and 
then click on the link to any comment listed at the bottom of the 
screen.
     For assistance in navigating www.reginfo.gov, please 
contact the Regulatory Information Service Center at (202) 482-7340.

FOR FURTHER INFORMATION CONTACT: Shaquita Merritt, OCC Clearance 
Officer, (202) 649-5490, Legislative and Regulatory Activities 
Division, Office of the Comptroller of the Currency, 400 7th Street SW, 
Suite 3E-218, Washington, DC 20219.

SUPPLEMENTARY INFORMATION: Under the PRA (44 U.S.C. 3501-3520), Federal 
agencies must obtain approval from OMB for each collection of 
information they conduct or sponsor. ``Collection of information'' is 
defined in 44 U.S.C. 3502(3) and 5 CFR 1320.3(c) to include agency 
requests or requirements that members of the public submit reports, 
keep records, or provide information to a third party. The OCC asks 
that OMB extend its approval of the collection of information described 
in this notice.
    Title: Debt Cancellation Contracts and Debt Suspension Agreements.
    OMB Control No.: 1557-0224.
    Description: Twelve U.S.C. 24(Seventh) authorizes a national bank 
(bank) to enter into Debt Cancellation Contracts (DCCs) and Debt 
Suspension Agreements (DSAs). 12 CFR part 37 requires banks to disclose 
information about a DCC or DSA using either a short or long form 
disclosure. The short form disclosure usually is made orally and issued 
at the time a bank first solicits the purchase of a contract. The long 
form disclosure usually is made in writing and issued before the 
customer completes the purchase of the contract. There are special 
rules for transactions by telephone, solicitations using written mail 
inserts or ``take one'' applications, and electronic transactions. Part 
37 provides two model forms of disclosure for satisfying the 
requirements of the rule. Use of the forms is not mandatory, and the 
regulation permits a bank to adjust the form and wording of its 
disclosures so long as it meets the applicable requirements. The 
requirements of part 37 enhance consumer protections for customers who 
purchase DCCs and DSAs from banks and ensure that banks offer these 
products in a safe and sound manner by requiring them to effectively 
manage their risk exposure.

Section 37.6

    Section 37.6 requires the disclosures to be readily understandable 
and meaningful. The content of the short and long form may vary, 
depending on whether a bank elects to provide a summary of the 
conditions and exclusions in the long form disclosures or refer the 
customer to the pertinent paragraphs in the contract. For example, the 
short form disclosure requires a bank to instruct the customer to read 
carefully both the long form disclosures and the contract for a full 
explanation of the contract terms, while the long form gives a bank the 
option of either: (i) Summarizing the limitations; or (ii) advising the 
customer that a complete explanation of the eligibility requirements, 
conditions, and exclusions is available in the contract and identifying 
the paragraphs where the customer may find that information.
    Section 37.6 and appendices A and B to part 37 require a bank to 
provide the following disclosures (summarized below), as appropriate:
     Anti-tying (short and long form)--A bank must inform the 
customer that purchase of the product is optional and that neither the 
bank's decision whether to approve the loan nor the terms and 
conditions of the loan are conditioned on the purchase of a DCC or DSA.
     Explanation of debt suspension agreement (long form)--A 
bank must disclose that if a customer activates the agreement, the 
customer's duty to pay the loan principal and interest is only 
suspended and the customer must fully repay the loan after the period 
of suspension has expired.
     Amount of the fee (long form)--A bank must make 
disclosures regarding the amount of the fee. The content of the 
disclosure depends on whether the credit is open-end or closed-end. In 
the case of closed-end credit, the bank must disclose the total fee. In 
the case of open-end credit, the bank must either: (i) Disclose that 
the periodic fee is based on the account balance multiplied by a unit 
cost and provide the unit cost; or (ii) disclose the formula used to 
compute the fee.
     Lump sum payment of fee (short and long form)--A bank must 
disclose, where appropriate, that a customer has the option to pay the 
fee in a single payment or in periodic payments and that adding the fee 
to the amount borrowed will increase the cost of the contract. This 
disclosure is not appropriate in the case of a DCC or DSA provided in 
connection with a home mortgage loan where the option to pay

[[Page 22300]]

the fee in a single payment is not available.
     Lump sum payment of fee with no refund (short and long 
form)--A bank must disclose that the customer has the option to choose 
a contract with or without a refund provision. This disclosure must 
also state that the prices of refund and no-refund products are likely 
to differ.
     Refund of fee paid in lump sum (short and long form)--If a 
bank permits a customer to pay the fee in a single payment and add the 
fee to the amount borrowed, the bank must disclose its cancellation 
policy. The disclosure informs the customer of the bank's refund 
policy, as applicable, i.e., that the DCC or DSA may be: (i) Cancelled 
at any time for a refund; (ii) cancelled within a specified number of 
days for a full refund; or (iii) cancelled at any time with no refund.
     Whether use of a card or credit line is restricted (long 
form)--A bank must inform a customer if the customer's activation of 
the contract would prohibit the customer from incurring additional 
charges on the credit card or using the credit line.
     Termination of a DCC or DSA (long form)--If termination is 
permitted during the life of the loan, a bank must include an 
explanation of the circumstances under which a customer or the bank may 
terminate the contract.
     Additional disclosures (short form)--A bank must inform 
customers that it will provide additional information before the 
customer is required to pay for the product.
     Eligibility requirements, conditions, and exclusions 
(short and long form)--A bank must describe any material limitations 
relating to the DCC or DSA.

Section 37.7

    Section 37.7 requires a bank to obtain a customer's written 
affirmative election to purchase a contract and written acknowledgment 
of receipt of the disclosures required by Sec.  37.6. The section 
further provides that the election and acknowledgment must be 
conspicuous, simple, direct, readily understandable, and designed to 
call attention to their significance. Pursuant to Sec.  37.7(b), if the 
sale of the contract occurs by telephone, the customer's affirmative 
election to purchase and acknowledgment of receipt of the required 
short form may be made orally, provided the bank: (i) Maintains 
sufficient documentation to show that the customer received the short 
form disclosures and then affirmatively elected to purchase the 
contract; (ii) mails the affirmative written election and written 
acknowledgment, together with the long form disclosures required by 
Sec.  37.6, to the customer within 3 business days after the telephone 
solicitation and maintains sufficient documentation to show it made 
reasonable efforts to obtain the documents from the customer; and (iii) 
permits the customer to cancel the purchase of the contract without 
penalty within 30 days after the bank has mailed the long form 
disclosures to the customer.
    Pursuant to Sec.  37.7(c), if the DCC or DSA is solicited through 
written materials such as mail inserts or ``take one'' applications and 
the bank provides only the short form disclosures in the written 
materials, then the bank shall mail the acknowledgment, together with 
the long form disclosures, to the customer. The bank may not obligate 
the customer to pay for the contract until after the bank has received 
the customer's written acknowledgment of receipt of disclosures, unless 
the bank takes certain steps, maintains certain documentation, and 
permits the customer to cancel the purchase within 30 days after 
mailing the long form disclosures to the customer. Section 37.7(d) 
permits the customer's affirmative election and acknowledgment to be 
made electronically.
    Type of Review: Regular.
    Affected Public: Businesses or other for-profit.
    Number of Respondents: 1,098.
    Total Annual Burden Hours: 26,352 hours.
    The OCC published a notice for 60 days of comment concerning this 
collection, 86 FR 9994. No comments were received. Comments continue to 
be invited on:
    (a) Whether the collection of information is necessary for the 
proper performance of the functions of the OCC, including whether the 
information shall have practical utility;
    (b) The accuracy of the OCC's estimate of the burden of the 
collection of information;
    (c) Ways to enhance the quality, utility, and clarity of the 
information to be collected;
    (d) Ways to minimize the burden of the collection on respondents, 
including through the use of automated collection techniques or other 
forms of information technology; and
    (e) Estimates of capital or start-up costs and costs of operation, 
maintenance, and purchase of services to provide information.

Theodore J. Dowd,
Deputy Chief Counsel, Office of the Comptroller of the Currency.
[FR Doc. 2021-08679 Filed 4-26-21; 8:45 am]
BILLING CODE 4810-33-P


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